The City Boy Movement, a youth advocacy organisation, has commended President Bola Tinubu for the economic reforms that led to Nigeria’s return to the FTSE Russell Frontier Market Index, describing the development as a major vote of confidence in the country’s economy.
According to reports, FTSE Russell will reclassify Nigeria from “Unclassified” to “Frontier Market” status, effective September 21, 2026.
Nigeria was removed from the category in September 2023 following difficulties accessing foreign exchange and repatriating capital.
Speaking via a statement issued on Thursday, August 27, 2026, the Director-General of the City Boy Movement, Francis Shoga, described the development as a significant endorsement of the progress recorded under the Tinubu administration.
Shoga stated: “When our grand patron, President Bola Tinubu, took office, Nigeria’s foreign exchange market was under severe pressure, with billions of dollars in investor funds trapped in the country.
“Three years on, FTSE Russell reports that FX queues have cleared, and international institutional investors no longer face significant delays in repatriating their capital. Nigeria is rejoining the global investment benchmark after being removed.
“That is measurable progress, independently assessed by one of the world’s leading index providers.”
He also lauded the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), and other capital market stakeholders for their contributions to restoring investor confidence and strengthening the country’s financial markets.
Governors consider CNG scheme to cut transport fares nationwide
Shoga, however, stressed that more work remained to ensure the economic gains translate into improved living standards for Nigerians.
Shoga added: “There is still work to be done, particularly in ensuring that these gains translate into better living standards for Nigerians. However, it is important to acknowledge progress when independent global institutions recognise it.
“We therefore urge subnational governments to deepen investments in human capital and social development at the grassroots, particularly for Nigeria’s youthful population.
“On behalf of the City Boy Movement, we commend President Bola Tinubu for staying the course, appreciate the SEC, CBN and capital market stakeholders for their contributions, and congratulate Nigerians on this important milestone.”
